Problem 4-43 (Algorithmic) (LO. 3, 4) Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $117,500 at the beginning of the tax year. The partnership profits for the tax year were $929,400. Changes in their capital accounts during the tax year were as follows: Faye Gary Heidi Total Beginning balance $117,500 $117,500 $117,500 $352,500 Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 0 5,000 5,000 Allocation of profits 309,800 309,800 309,800 929,400 Ending balance $407,300 $392,300 $422,300 $1,221,900 In arriving at the $929,400 of partnership profits, the partnership deducted $4,800 ($1,600 for each partner) in premiums paid for group term life insurance on the partners. Faye and Gary are 39 years old, and Heldi is 35 years old. Other employees are also eligible for group term life Insurance equal to their annual salary. These premiums of $10,500 have been deducted in calculating the partnership profits of $929,400 Compute each partner's gross income from the partnership for the tax year, Each partner's gross income from the partnership for the tax year is